Grayscale Unveils New Fund For Top Crypto Investments

2/8/2018 10:37 AM ET

Grayscale Investments, LLC, which handles cryptocurrency-based investment, announced the launch of a new crypto investment vehicle, Grayscale Digital Large Cap Fund LLC.

The Fund plans to hold the top digital assets by market capitalization and targets 70% coverage of the digital asset market. The Fund invests in large cap digital assets that will initially include Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. It may also hold cash and assets arising as a result of a fork, airdrop or similar occurrence from time to time.

The Fund will be rebalanced on a quarterly basis to remove existing digital assets or include new digital assets in the Fund's portfolio.

Barry Silbert, CEO of Grayscale, said, "We're excited to further expand the universe of Grayscale's product offerings as interest in the digital currency asset class continues to grow. As a trusted and experienced manager, Grayscale is committed to creating investment structures that are familiar to qualified investors and provide secure access to this emerging asset class."

Grayscale, the sponsor of the Bitcoin Investment Trust, the Ethereum Classic Investment Trust and the Zcash Investment Trust, has assets under management of $1.31 billion.

Grayscale is a unit of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies.